Workshop of the world Politicians like to deal in symbols, and last week Theresa May appeared to bid for a particularly large one: the city of Birmingham. The prime minister is known to admire Joseph Chamberlain, whose late-19th century reforms as Mayor of Birmingham helped to
Market leaders The first televised debate between Donald Trump and Hillary Clinton was the most-watched presidential debate in US history. Leaving out those who watched it at parties, offices and bars, the audience was estimated at 84 million, not far off a third of the country’s
Political fractures “Things fall apart; the centre cannot hold,” wrote W. B. Yeats in 1919, describing a Europe that was turning away from old beliefs, and taking new and radical turns. The line has often been quoted by commentators in recent months, as the centrist
Blue Danube Johann Strauss II’s father wanted his musical son to be a banker – and beat him for secretly practising the violin – but the ‘Waltz King’ had his way in the end. Last Friday the eponymous subject of his most famous waltz, Blue Danube,
Zero sum In 1484 a French mathematician called Nicolas Chuquet made the earliest surviving written reference to the word ‘tryllion’ (as he spelt it). Chuquet wrote that one followed by six zeros could be called “million, the second mark byllion, the third mark tryllion, the fourth
Alien territory A report published by the Center for American Progress last week showed that the US economy is 13% smaller today than economists had forecast before the financial crisis. As of last Friday, more than $13 trillion of government debt around the world paid a
Point of no return History shows all too clearly the long-term disparity between cash returns and those generated by investing in the stock market. Last week the New York Times pointed out that, had you invested proportionately across US stocks on the day of President
Golden glow The curtain came down on the Rio Olympics, and Team GB basked in the glory of its best-ever medals tally; but events at home were somewhat less inspiring, as markets digested a raft of data and news on interest rates, inflation, retail sales, employment
As the dust settles Whilst the tide of global policy loosening continues, the argument that central banks have exhausted their stores of ammunition continues to grow more vocal, as some market commentators have expressed concern about the diminishing returns of monetary stimulus. This may be true
Record breakers At the ancient Olympics in Greece, doves were released at the opening ceremony. The modern Olympics dispensed with the tradition after the 1988 opening ceremony in Seoul, when the lighting of the Olympic Cauldron ended in disaster for several of the doves. Monetary doves were
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